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A Face-Validity Test of Response Strategies to ‘Dread Risks'


  • Rachel Baker
  • Susan Chilton
  • Michael Jones-Lee
  • Hugh Metcalf


This paper reports the results of the follow-up, face-validity test on a protocol developed to explore the impact of context and baseline risk on peoples’ marginal rates of substitution between wealth and risk of death across a range of contexts using a modified risk-risk trade-off methodology. Analysis of these qualitative interviews revealed that context had different effects for different people. For some people it had almost no effect in that such respondents focussed mainly on the baseline risks they faced, whilst for others it had a marked affect on their risk-risk tradeoff. Most notably, only a minority of respondents described a behavioural strategy that could be construed as EU maximising. This has wider and extremely profound implications for the use of risk-risk trade-off measures and WTP-derived Value of Prevented Fatalities in costbenefit analysis.

Suggested Citation

  • Rachel Baker & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2007. "A Face-Validity Test of Response Strategies to ‘Dread Risks'," Revue d'économie politique, Dalloz, vol. 117(5), pages 781-794.
  • Handle: RePEc:cai:repdal:redp_175_0781

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    References listed on IDEAS

    1. Gerald Auten & Geoffrey Gee & Nicholas Turner, 2013. "Income Inequality, Mobility, and Turnover at the Top in the US, 1987-2010," American Economic Review, American Economic Association, vol. 103(3), pages 168-172, May.
    2. Thomas Piketty & Gilles Postel-Vinay & Jean-Laurent Rosenthal, 2006. "Wealth Concentration in a Developing Economy: Paris and France, 1807–1994," American Economic Review, American Economic Association, vol. 96(1), pages 236-256, March.
    3. Hochguertel, Stefan & Ohlsson, Henry, 2012. "Who is at the top? Wealth mobility over the life cycle," Working Paper Series, Center for Fiscal Studies 2012:1, Uppsala University, Department of Economics.
    4. Auten, Gerald & Gee, Geoffrey, 2009. "Income Mobility in the United States: New Evidence From Income Tax Data," National Tax Journal, National Tax Association, vol. 62(2), pages 301-328, June.
    5. Gerald Auten & Geofrey Gee & Nicholas Turner, 2013. "New Perspectives on Income Mobility and Inequality," National Tax Journal, National Tax Association, vol. 66(4), pages 893-912, December.
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